Flat Development, Bury St Edmunds

Flat Development, Bury St Edmunds

Case Study

An early 1980’s development of 30 flats arranged over two blocks set in relatively large communal gardens with large open plan carpark located in the town centre.

Temples first became involved with this development when the freeholder (an investment company) offered the freehold for sale. Temples attended a special meeting of leaseholders and explained the associated pitfalls should the freehold be sold to a third party.

Subsequently Temples negotiated a purchase price on behalf of the residents, arranged the financing of the purchase though the service charge and acquired the freehold on behalf of the residents association.

Following the acquisition Temples set about building a proactive estate management program to resolve site issues such as un-authorised use of the residents car park, a reduction in ongoing maintenance costs through a mixture of a costed service charge budget and specific structural improvements to the building.